We are currently working with a larger potential built-to-suit pipeline than any time in the last five years. The net result is we are worried about the general economic landscape, but the potential was stalled (Inaudible), and at the same time we are extremely busy and energized by the prospects of organic growth development and increased market share for Liberty.
With that, let me now turn it over to George.
Thank you, Bill. FFO for the second quarter of 2012 was $0.63 per share. The operating results for the quarter include $700,000 in lease termination fees. Our guidance for the year is that lease termination fees will be in the $0.04 to $0.06 per share range.
On April 3
, we closed the large sales transaction that we originally provided color on during December's earnings guidance call. This was $495 million. In addition to this sale during the quarter, we sold five additional properties for $14 million.
During the quarter, we acquired three industrial properties and one office property for $29 million. The projected stabilized yield on this investment is 8.2%. Mike will provide color on these acquisitions and on the sales.
During the quarter, we brought into service one development property with an investment of $6.6 million and we started three properties which have a projected investment of $23.5 million. As of June 30, our committed investment in development properties is $310 million and the projected yield on this investment is 9.9%.
Our development pipeline was zero at September 30, 2010. We have now built a development pipeline to $310 million. This quarter's delivery of a development property into service is the first delivery from this new development pipeline. Our last delivery was in the third quarter of 2010. As you can see from a review of the development schedule that's in our supplemental package, there are now projected development completions for five of the next six quarters.
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